$3.4M book loss for Epi corp

Press, 4 March 1988, Page 12

$3.4M book loss for Epi corp

Epicorp Investments (in receivership) has reported unrealised share losses of $3,413,773, as at January 31. In addition, the company has [had realised losses on share dealings of $206,150. In its pro forma balance sheet, released to comply with the requests of the New Zealand Stock Exchange, the company said its share investments had cost $3,687,963. This portfolio was now worth only $68,040. At balance date the company had current assets of $9,548,522 and fixed assets of $2,445,367. Epicorp said the valuations were based on the assumption that the business was a going con-

cern, and took account of the direct effects of the receivership of its parent company, Energycorp InI vestments. “The value of assets on a liquidation basis would be considerably less and as Epicorp is in receivership this must be considered,” the company said.

I The company had current liabilities of $7,583,607 and term liabilities of $3,525,603. Epicorp said net tangible assets were $787,774. In addition, an allowance of $7,979,633 has been made for intangible assets. A provision of $1,821,212 for tax benefits on losses has been included.